Vietnam’s Ministry of Industry and Trade (MoIT) believes, joining new-generation agreements like the European Union-Vietnam Free Trade Agreements (EVFTA) and the Comprehensive and Progress Agreement for Trans-Pacific Partnership (CPTPP) has brought great economic benefits to the nation.

Last year, Vietnam exported goods worth $40 billion and $38.7 billion to the European and CPTPP member countries respectively. Trade between Vietnam and EU member countries declined by 1.8 per cent to $55.4 billion as compared to that of 2019.

As per Vietnam Plus, the biggest importers of Vietnamese goods among European countries are: Belgium ($2.3 billion), Germany ($6.6 billion), the Netherlands ($6.9 billion), France (nearly $3.3 billion) and Italy ($3.1 billion. According to the MoIT, some of the items exported include footwear, plastic products, rice, textiles and garment and farm produce.

Vietnam's export turnover to CPTPP members also rose in 2020 compared to the previous year Total trade between Vietnam and other CPTPP member countries increased by 1.9 per cent to reach $79 billion last year,. Vietnam exported goods worth $38.7 billion to these countries and spent $40.3 billion on imports, resulting in a trade deficit of 1.6 billion USD last year.

The country enjoyed a trade surplus with some countries namely Canada and Mexico with a year-on-year rise of 11.8 percent and 12.1 percent, respectively.

Key products for exports to the CPTPP member countries are aquatic products, textile and garments, footwear, pepper, and wooden products.